MKT 100 Chapter Notes - Chapter 3: Digital Electronics, Baby Boomers, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Explain how the factors in a firms microenvironment influence its marketing strategy. Explain how the factors in firm"s macroenvironment influence its marketing strategy. Identify today" importance social trends and describe why they affect marketing decisions. Marketers who understand and manage the changes in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities. Many marketers get their ideas for new products or services from monitoring and studying the marketing environment. Assess strengths and the value of products and services, and any weaknesses resulting from changes in the marketing environment. Consumers may be influenced directly by the firm"s microenvironment, including the immediate actions to the focal company, the company"s competition, and the corporate partners that work with the firm to make and supply products and services to consumers. Consumers: microenvironment: company, competition, and corporate partners, macroenvironment: technology, social, demographics, culture, political/legal, The first factor that affects the consumer is the firm itself.